THIRD TERM 3RD CBT 3 SS 2

__________ is defined as the quantity of goods a producer is willing and ready to offer for sale at a given price over a given period of time?

__________ is a table which shows the relationship between price and quantity of commodity supplied?

• Supply table

• Supply curve

• Supply schedule

• Supply arrangement

When elasticity of demand (E) = 0, it means demand is __________?

• Perfectly inelastic

• Inelastic

• Elastic

• Unitary

__________ is the price at which the quantity of goods/services demanded is equal to the quantity of goods/services supplied?

• Selling price

• Discounted price

• Premium price

• Equilibrium price

Which of these, is/are not (an) effect(s) of subsidy withdrawal/removal on agricultural production by government?

• Higher production

• High cost of farm produce

• Accessibility to improved farm inputs

• Options A and C

Price legislation is also known as __________?

• Price movement

• Price fluctuation

• Price control policy

• Price distribution

Which of these, is a type of farm account?

• Farm budget

• Annual valuation

• Farm diary

• Cash analysis account

Which of the following is a type of farm record?

• Farm valuation

• Farm income statement

• Farm inventory

• Balance sheet/Net worth

Resources which are not used up during production are known as ________?

• Fixed assets

• Current assets

• Liabilities

• Liquidity

The amount at which an asset is sold off when it is no longer economical to keep or when the cost of maintenance of the asset is too high is known as __________?

• Depreciation

• Solvency

• Salvage value

• Liquidity